Examlex
Suppose in a Cournot duopoly that two firms,Firm 1 and Firm 2,face market demand and both have marginal cost,
Firm 1's reaction function can be written as
Output
The total amount of goods and services produced by an economy or an individual business over a specific period.
Total Cost
The complete cost of producing a specific quantity of goods or services, including both fixed and variable costs.
Average Cost
This is the total cost of production divided by the number of goods produced, also known as the cost per unit.
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